FTX EU had initiated the process of releasing funds that were locked up when its parent company, FTX, filed for bankruptcy protection last November. According to a press release issued on Friday, the company has launched a website that allows customers to verify their balances and request withdrawals.
The move comes after customers were notified of the arrangement on Thursday via email by Kroll, a restructuring specialist firm. Kroll was appointed by the court to oversee the administration of FTX’s bankruptcy proceedings.
The website set up by FTX EU provides customers with an easy-to-use platform to verify their account balances and request the release of their funds. Customers must undergo a verification process involving submitting their identification and other personal details.
In the email sent to customers, Kroll stated that verification was necessary to ensure funds were released to the right individuals. The email also indicated that the withdrawal process could take up to five business days.
FTX EU is a subsidiary of FTX, a cryptocurrency exchange founded in 2019. The parent company filed for bankruptcy protection in November 2022 after experiencing financial difficulties. The bankruptcy filing resulted in funds held by FTX and its subsidiaries being frozen.
The release of funds by FTX EU is welcome news for customers who have been unable to access their funds since the bankruptcy filing. The move is also a positive development for the cryptocurrency industry as a whole, as it demonstrates that companies can operate with transparency and accountability even in times of financial distress.
FTX has been at the forefront of the cryptocurrency industry, and its troubles have been closely watched by investors and regulators alike. The release of funds by FTX EU is a positive step towards resolving the company’s financial difficulties and restoring confidence in the cryptocurrency industry.
In conclusion, FTX EU’s decision to release funds locked up since its parent company filed for bankruptcy protection is a welcome development for customers and the wider cryptocurrency industry. Launching a website to facilitate the verification and withdrawal process is a positive move toward restoring confidence in the industry.